A spot trade is a simple transaction between a buyer and a seller to trade at the current market rate, known as the spot price. The trade takes place immediately when the order is fulfilled.
Users can prepare spot trades in advance to trigger when a specific (better) spot price is reached, known as a limit order. You can make spot trades with Toobit on the Toobit App.
Making a spot trade on the Toobit App
1. Log in to the Toobit App and click on [Trade] to go to the spot trading page.
2. You’ll now find yourself on the trading page interface.
(1). Market and Trading pairs
(2). Real-time market candlestick chart supported cryptocurrency trading pairs, and the “Buy Crypto” section
(3). Buy/Sell Cryptocurrency
(4). Sell/Buy order book
(5). Open orders
As an example, we will make a "Limit order" trade to buy BTC
(1). Input the spot price you wish to buy your BTC for and that will trigger the limit order. We have set this as 24006.53 USDT per BTC.
(2). In the [Amount] field, input the amount of BTC you wish to purchase. You may also use the percentages underneath to select how much of your held USDT you want to use to buy BTC.
(3). Once the market price of BTC reaches 24006.53 USDT, the limit order will trigger and complete.
You can follow the same steps to sell BTC or any other chosen cryptocurrency by selecting the [Sell] tab.
- The default order type is a limit order. If traders want to place an order as soon as possible, they may switch to [Market] Order. By choosing a market order, users can trade instantly at the current market price.
- If the market price of BTC/USDT is at 23986.55, but you want to buy at a specific price, for example, 24006.53, you can place a [Limit] order. When the market price reaches your set price, your placed order will be executed.
- The percentages shown below the BTC [Amount] field refer to the percentage amount of your held USDT you wish to trade for BTC. Pull the slider across to change the desired amount.